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Search Results 0 to 49 of about 129 (some duplicates have been removed)
. >> the elections are over. the threats to our economy are not. time to get to work. and there is lots of work to be done. it starts with averting this disaster of our own making. i repeat that. the fiscal cliff. we've got it covered from all angles as only cnn can. christine romans is host of cnn's "your bottom line." david walker spent a decade overseeing the federal government, how it spends your tax dollars as the u.s. comptroller general. today he's the ceo of comeback america and he's a deficit hawk. the ceo of pimco. hisfirm is one of the largest investors of bonds, and steve moore is a conservative, founder of club for growth and a writer at the wall street journal. i'm going to start with you, steven, my good friend. the fiscal cliff is an immediate threat. both parties need to come together to fix it, because not fixing it would set even fiscal conservatives back, don't you agree? >> yeah, and i think other conservatives agree that he don't want to go off this fiscal cliff, either. i think one hangup that will start on tuesday is the president will say, look, i was reelected to raise
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the economy. and we were surprised by his candor. mr. chairman, i'm gonna start with a question that everyone wants me to ask. when does this end? [stopwatch ticking] >> no one comes in without f.d.i.c. badges. >> could your bank be shut down? that's what's happening to this bank and to banks across the country. it's being done in secret by a group of agents led by the f.d.i.c., who move in after closing time when a bank has failed. [stopwatch ticking] >> it's weird economics when it really comes down to it, isn't it? >> well, from our perspective at the united states mint, it's unsustainable. you can't sustain losses on pennies and nickels and expect to be a viable organization that benefits the american people. >> welcome to 60 minutes on cnbc. i'm leslie stahl. by most accounts, the financial crash of 2008 pushed the u.s. economy to the brink of collapse. in its aftermath, some of the country's biggest banks received very big bailouts while large numbers of small local banks failed. this edition features a unique inside look at the seizure of a failed bank and a rare interview with one of
the economy today. he reminded america that there was an election on tuesday and the people have spoken. the president spoke from the east room of the white house surrounded by middle class americans. he's ready to lead on fiscal challenges facing this country. >> the american people voted for action. not politics as usual. you elected us to focus on your jobs, not ours. and in that spirit, i have invited leaders of both parties to the white house next week so we can start to build consensus around the challenges that we can only solve together. >> no heavy hand, no arrogance whatsoever. if there's one word to sum up the president's presentation today, it's this. consistent. the guy who gave the speech is the same guy who we watched on the campaign trail for the last seven months. americans want cooperation when it comes to a deal on the united states economy and the president is delivering his side of the bargain. >> we can't just cut our way to prosperity. if we're serious about reducing the deficit, we have to combine spending cuts with revenue. that means asking the wealthiest ameri
term. there are parallels to reagan and clinton who had first terms and successful economies for the second terms. that emboldened them to be braver than they might have been. are you hoping you are going to get the kind of economic security if not prosperity in this term that will allow you to do, perhaps, the things that barack obama when he sailed in on hope and change hoped he could do? >> well, piers, i do believe the economy is improving. but i want to challenge a bit of your premise, one of the reasons the economy is improving is because this president was brave. it was brave to intervene and save the auto industry, which was not a popular decision at the time. it was brave to move forward on the recovery act. which again was not popular at the time. without that, we would have slid into a second great depression. it was brave to stand up the financial industry when it was on collapse. even though that was an unpopular thing to do. because he understand that we needed to move the economy forward. and now we are reaping the benefits of that bravery and good decisions be
on the economy could be catastrophic. president obama delivers a big economic speech in about eight hours, and he wants tax cuts for the wealthy to extire. house speaker john boehner drawing this line in the sand. >> raising tax rates is unacceptable. and, frankly, it couldn't even pass the house. i'm not sure it can pass the senate. >> white house correspondent brianna keilar is live from washington, d.c. for us this morning. brianna, speaker boehner seemed to be offering the president on olive branch earlier this week when he talked about the possibility of increasing revenue. but here he's taking a hard stance against tax increases. what does that say about the chances of a compromise? >> well, it may actually sound kind of like it's splitting hairs. but it's really two different things where he's talking about increasing tax rates. he says he's not okay with that. but he would be maybe okay, maybe amenable to increasing revenue. to bringing in more tax dollars, because there is a difference. and what he's saying is part of a chorus of conciliatory language that we're hearing from democrats an
term will be how does he get some kind of bipartisan momentum going, particularly on the economy and this is your wheelhouse right now. you've got some pretty firm ideas about how to prevent the fiscal cliff becoming a reality. tell me about that. >> well, we need to avoid the fiscal cliff. as the nonpartisan congressional budget office said, it will reduce gdp by almost 3% and keep in mind it's only 2% now so that means going negative, going back to recession. they predicted that unemployment would go back over 9% which would be terrible, obviously, and many other negative consequences. so they should do at least a temporary extension so they can buy themselves a little time for the new congress to get organized and new administration to get settled, and then get this thing solved as quickly as possible after that. so with the financial services roundtable, we asked them to bridge over with some extensions but then tackle it. that's going to have to include the president stepping forward and willingness to reform entitlement programs and on the republican side, they'll need to l
expects any quick fix for the economy. >> it's big, and it's going to take some time, and a lot of work. and it would be nice to get at it. . >> reporter: but they are more than ready to start building up again, just as soon as the other washington settles down, and gets back to work. tom foreman, cnn, washington, virginia. >> it's a beautiful town. i'm carol costello. thank you so much for joining me today. cnn "newsroom" continues right now with ashleigh banfield. >> thank you, carol. so nice to see you. and nice to see you, everyone. i'm ashleigh banfield. it's 11:00 on the east coast, 8:00 a.m. on the west coast. and leave it to congress to engineer what they call a solution that sets up an even bigger crisis. the so-called fiscal cliff that's now only 52 days away was supposed to be just a threat. an incentive for lawmakers to get their gear on and make some tough choices a year ago. well, now those choices are going to fall to a newly re-elected president, and a lame duck congress. and the prospects? well, the president plans to talk about those prospects in his first public post
will coincide to basically push the u.s. economy into a recession unless congress does something about it. >> so remember that game on "the price is right" when the contestant had to avoid the guy going over the cliff, cue up the music, folks. going over the fiscal cliff means the end of the bush tax cuts. that would save $221 billion. but would raise most people's taxes by about 3500 bucks. reduces costs by $65 billion. general spending, including items on education and veterans benefits. a third cost redix, the payroll tax holiday expires. $95 billion saved there. and finally, emergency of employment benefits and health care and tax cuts, benefits saves the largest chunk there. that's $225 billion. if all of these cuts happen, the deficit improves by $607 billion. it would go down almost 40% but come at a hefty price. the economy would go over the fiscal cliff, sending the economy back into a recession. budget office projecting the unemployment rate could jump to 9.1% by the end of the year and that economic growth as well could shrink by half of a percent. i want to bring in bill schneider, c
-- i'm not saying the campaign should have been run on them. the economy was obviously the major issue. but you can't take a crouching position if you're a member of a party that believes that all of our children should be welcomed into the world, for example, and protected by the law. >> governor, do you agree with that? >> well, i'd have to say that the republican party needs to decide whether it wants to win or lose going forward. >> and what do you think that would allow you to do? >> well, when we're talking about the party, we're losing. when we're talking about america, we win. so in embrace of all people, in articulation of a vision, people don't want to be moralized to, they don't want to be lectured to, they want to live their lives. they want an economy that works, jobs, opportunities, schools that educate the next generation. and they want to be left alone. and the sooner that we as a party can get around that and start preparing for the 21st century, which is really the discussion that we need to have, how you prepare for the most competitive years ahead in a high liu comp
. >>> within the hour, word that president obama will make a statement on the fiscal cliff and the economy at 1:00 p.m. tomorrow. the congressional budget office issued a new scenario of what happens if the president and congress fail to act. eamon javers joins us now with the details. good evening, eamon. >> reporter: good evening, larry. as you say, we're getting news tonight we're going to get dueling appearances tomorrow between speaker john boehner and president barack obama. the speaker will address a crowd of reporters at 11:00 in the morning. he will take questions from the press. we're told obama will speak at 1:00 in the east room of the white house and will not take questions from reporters. there will be an audience there, but he will not be taking questions. meanwhile, we're getting this report out today from the cbo, which is laying out the scenario of just how bad things would be if we go over the fiscal cliff. let me give you a couple of the key bullet points here. the cbo saying if we go over the cliff the gdp would drop by 0.5% in 2013. it could decline in the first half of th
on the economy in the first year of this ten-year. that is slowing down the gdp by four percentage points that's kicking us into a deep recession. >> i think everybody's aware of that. i don't think that anybody, whether new members coming in now or whether existing members who have been there for a while i don't think anybody has any illusions of the urgency of this. it doesn't mean it's going to be easy. john boehner has to deal with the problems he had to deal with a year ago in terms of his caucus. it's really important that we are in a place where we're further away from the 2010 victory for the tea party. the members of his caucus that were most difficult to deal with a summer ago, those people were coming off of a huge victory in 2010, now much further down road and coming off -- many got re-elected tuesday but the whole political environment has changed given the success of not just president obama but democrats more broadly in congress. and it does change everyone's incentive structure. there's no one, no one, who is politically well affected positively affected if the country drops i
on message and move on to the economy? >> well, is he going to be trying to turn this to the economy, suzanne, but the fact is he will be definitely getting questions about the scandal, about general petraeus, and certainly about his faith in general allen, so that is going to be a topic. he will try to pivot to the economy and to talk about the fiscal cliff, which is obviously his number one priority trying to get that resolved, and we also expect that he will be here talking -- or he will be asked about benghazi. this will be his first press conference since that september 11th attack in egypt that killed u.s. ambassador chris stevens and three other americans. as well, would you expect them to be asked about cabinet -- or, pardon me -- in libya, and you would expect him to be asked about the cab -- potential cabinet shake-ups as well. you said he hasn't had an extended press conference since march. that's true. there are a lot of outstanding questions, and he will be asked probably about all of them today, suzanne. >> imagine it's going to be taking a while to get through all of these, and
and pushing the sequester off. it won't get us out of the problem and it will also hurt our economy. because the american people expect us to find common ground, we're willing to accept some additional revenues via tax reforl. >> now, when i hear that, i don't hear i'm okay letting taxes go up on some people. i hear i'm okay closing loopholes and deductions where some high income earners may pay more than others. is that a deal you could work with? >> the question is is, what is speaker boehner saying? he really talking about a balanced approach or what he used to talk about and republicans have claimed, which is another round of tax breaks for wealthy people will somehow trickle down, magically boost the economy so much that it will pay for itself and not increase the deficit. we know that doesn't work. and if that's what speaker boehner's talking about, then really, it's not going anywhere. now, if he's talking about what we call genuine budget revenue, that's a different story and if that's the case, i'd love to see his proposal. the president has put his on the table for revenue. let's s
's economy. can you put that number in perspective? 700,000 fewer jobs. >> i can put the report in perspective. it was turn ired by independent businesses that don't want to see their tax rate increased. it is counter to all other studies that i have seen on this thing. that report got in to my inbox and got deleted. >> okay. thank you for your honesty. >> doesn't make sense. it doesn't make any sense at all. >> you hear the number but thank you. that is what i was trying to get at. we heard president obama say if congress fails to come up with a deal by the end of the year, everyone's taxes will be going up. it would be bad for the economy. i was reading new york times this morning op-ed piece that said it may not be a bad thing if we drive over the fiscal cliff. it is worth points out the fiscal cliff isn't really a cliff. it's not like the debt ceiling confrontation where terrible things might with well have happened right away if the deadline had been missed. he goes on, this time nothing very bad will happen to the economy if the grooimt agreement isn't reached until a few
and its members know... how to harness that power, because we help develop it. from the next economy, to the next generation, we help get... the most out of business, by getting the best out of people. shrm. leading people, leading organizations. ♪ (train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. >>> and we are back with ken duberstein, john podesta, and david gergen. john podesta, what does president obama do to ensure the united states does not fall off the fiscal cliff? you have already seen there's much debate about this and many people on the left, paul krugman in "the new york times" is saying do not make a deal just for the sake of making a deal, hold out and call the republicans' bluff. >> i think it was set up, one that was based on the president's argument. taxes needed to go up, particularly for the wealthiest americans. i think he has to stick with that. one thing he was clear about, he wasn't going to sign a bill with high end tax rates from the bush era. he's going have to negotiate with the republ
's at stake for the economy as well as your personal finances. zimplt president obama confronting a looming financial. they have 53 days to come up with a solution to avoid going over the so-called fiscal cliff. what are we talking about? it's a combination of automatic spending cuts to the tune of $1.2 trillion over the next. our chief white house correspondent jessica yellin will talk about this, and you bring up a very good point now. during the second term campaign, but she's been pretty clear, right, on his stance regarding the fiscal cliff and his obama line. tell us what it is. >> that's right, suzanne. he has laid out that his negotiating terms include the following. he is willing to compromise and raise some revenue by altering some parts of medicare and medicaid on entitlement reforms. he is also insistent that some revenue be raised by changing the tax rates. you know, those bush tax cuts expire at the end of this year, and he has said that the wealthiest americans must pay more. we've heard it on the campaign trail over and over. one thing he has hit is that those who make $250,
on the economy. but in fact, that's the part of the bargain that you have to do. and we're at historic lows on revenues. so i've always agreed to it. i voted for the simpson-bowles, i've been part of the gang of six, gang of eight. i agree that we have to go there, but how we go there is very important in terms of the incentives for capital investment in this country. and we have do it in a way that does not diminish that. >> let me turn quickly to lessons from this election and where things go beyond this negotiation over fiscal matters. senator schumer, immigration. are we going to get comprehensive immigration reform? it sounds like, if you listen to the house speaker, they've had a chang of heart, they want a comprehensive plan. is there news to be made on this? >> yeah, i think so. senator graham and i have talked, and we have resuming the talks that were broken off two years ago. we had put together a comprehensive, detailed blueprint on immigration reform. it had the real potential for bipartisan support based on the theory that most americans are for legal immigration but very much
with the president will make a statement at 1:00 p.m. from the east room on the economy. that touches on the dysfunction in washington that americans say they hate. many think they went to bed to fix that. keeping them honest, not so fast. in seven weeks, the bush tax cuts expire, automatic spending cuts kick in. it's being called a fiscal cliff and even though it's more like the fiscal steep slope, heading down it it could do bad things to the economy. rolling down it, falling off it, have made markets nervous and credit rating agencies and economists of all stripes are warning about the consequences of not harming out a deal in time. politicians have been sending out mixed signals since the election. on the one hand, they are talking about common ground. take a look. >> we want our children to live in an america that isn't burdened by debt, isn't weakened by inequality. that isn't threatened by the disruptive power of a warming planet. >> the nation as you know is at a critical point. at a time like this, we can't risk partisan bickering and political posturing. >> if there is a man
. the same rate we had when our economy created nearly 23 million new jobs, the biggest surplus in history, and a whole lot of millionaires to boot. >> that was before the election. that was in the -- let's see, think some convention? very clear where president obama was and very clear where the american people voted. americans want progressive action, including higher taxes on the wealthiest americans. this is a pivotal moment for the democrats. the republicans are already trying to make it hard. president obama reached out right after the election victory. he was told that they were already asleep. today speaker boehner told abc news tax increases are still off the table. >> putting increased revenues on the table but through reforming or tax code. i would do that if the president were serious about solving our spending problem and trying to security or entitlement programs. >> revenue through reforming or tax code? this is the same stuff voters just rejected. this was a bright spot in boehner's interview. he was asked if republicans will still pursue full repeat. >> i think the election
the fiscal kind of steep slope heading down it could have some very bad implications for the economy. concerns about rolling down it or falling off it or whatever you want to call it have already made markets nervous and credit rating agencies and economists of all stripes are warning about the consequences of not hammering out a deal in time. politicians in both parties, well, they have been sending out mixed signals ever since the election. on the one hand, they're talking about common ground. take a look. >> we want our children to live in an america that isn't burdened by debt, that isn't weakened by inequality, that isn't threatened by the disruptive power of a warming planet. >> the nation as you know is at a critical point, at a time like this we can't risk partisan bickering and political posturing. if there's a mandate in yesterday's results, it's a mandate for us to find a way to work together on the solutions to the challenges that we all face as a nation. >> it's better to dance than to fight. it's better to work together. everything doesn't have to be a fight. >> sounds
economy has hurt sales. this is a trade down play. a weak economy is supposed to help sales. we also hear from walmart, gap, and target. and these three have been on a tear. can we continue? i think the storm might impact how well they're doing and i fear these stocks are all too high. maybe you sell some wednesday? on the other hand, the stock of ross stores has been horrendous already. maybe that one can bounce on thursday morning. i do think it's cheap and it has great growth. friday morning foot locker reports. as foot locker goes so goes nike. we have the goldman sachs industrial conference that starts monday. we think that china is turning. how much? how soon? we'll find out next week. tuesday's best buy. they're having an analyst day and this one should be down right comical. company is challenged everywhere. previous management wants to buy the company back, amazon. then we get the credit suisse. we will get the best of the best at this conference which is the biggest of the year for that sector. it also tells you what is big in the pharma pipe. and humana has an investor day next
. >>> straight ahead, an unofficial holiday is boosting the chinese economy thanks to the country's single resident and the internet. >>> but first imagine growing up with scarring so severe that your only wish to be able to walk down the street unnoticed. tonight chief medical correspondent dr. sanjay gupta introduces us to a woman who turned a childhood accident into a new career, helping others ease their pain. >> the scars on her face serve as a never-ending reminder of a kitchen fire that she endured. she was 2 years old at the time. she was in the kitchen with her brother who was 6. >> he took a frozen chunk of meat from the fridge and put it into boiling oil so a fire started. he tried to take it to the sink and he tripped on top of meso the oil spilled on 40% of my face. >> thankfully she doesn't remember the accident or the pain. she does remember being rushed to the hospital and the surgeon working tirelessly to open her eye, which was stuck shut from the burning oil. >> all the time growing up, it was really difficult because everybody would stare and especially at school. it wa
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Search Results 0 to 49 of about 129 (some duplicates have been removed)